[I]n an effort to save TBTF banks, the government crashed interest rates into negative numbers (adjusting for inflation) which destroyed the incomes of millions of retirees and others, forcing them to depend entirely on government payments of one kind or another.

At which point the government noticed how dangerous the savings and investment environment had become for older folks, thanks to the government’s own actions — and so it arrogated to itself the necessity of taking over the management of retirement savings for the saver’s own good.

Joe »

They don’t have to confiscate deposits here. They are already doing that will the “Quantitative Easing” approach to fiscal destruction. Printing presses working overtime with no end in site. Hyper inflation will eventually do the rest.

It is written

"Personally, I'm interested in keeping other people from building Utopia, because the more you believe you can create heaven on earth the more likely you are to set up guillotines in the public square to hasten the process."  James Lileks